MOTHER Iggy and DADDY Tate’s crypto tokens were under heavy selling pressure on Friday.
DADDY, which is associated with Andrew Tate, crashed by over 20% on Friday and reached an all-time low of $0.074. Its market cap dropped to over $84 million, down from its all-time high of over $362 million. MOTHER, which was promoted by Rapper Iggy Azelia, dropped to $0.0666 from an all-time high of $0.2340. Like DADDY, its market cap has dropped from over $246 million to about $66 million on Friday.
The token crashed even after it was available in Wintermute, a leading algorithmic trading platform. It was also listed by Coins.ph, a leading crypto exchange in the Philippines.
Happy to announce $MOTHER x @wintermute_t Are officially besties 😌🤞🐨👩🍼 pic.twitter.com/wzo0jIHXyU
— IGGY AZALEA (@IGGYAZALEA) June 19, 2024
DADDY and MOTHER dropped as a sense of fear spread in the crypto market. The crypto fear and greed index retreated to the neutral level of 52 and is slowly approaching the fear level. It has dropped from the year-to-date high of over 91. In most cases, cryptocurrencies underperform when investors are fearful.
Crypto fear and greed index
Bitcoin and altcoins crashed
The crash happened as a sea of red spread across the crypto industry. Bitcoin fell to $63,000, its lowest point since May 15th after it formed a double-top pattern at $72,000. In most periods, Bitcoin sets the tone in the crypto market.
Other major coins like Chainlink, Solana, and Cardano also sunk. Similarly, popular meme coins like Pepe, Beercoin, and Bonk fell by double digits.
Therefore, the question is whether DADDY and MOTHER tokens will bounce back or continue the downward trend.
While the sentiment is weak, there is a possibility that they will rebound in the near term as traders buy the dip. A sustained rebound will likely happen if Bitcoin stages a comeback and moves above $70,000.
Some crypto bulls like billionaire Michael Novogratz believe that Bitcoin has a room to rebound to $100,000 if it moves above the all-time high of $73,6000. Cathie Wood and Rich Dad’s Robert Kiyosaki have made bullish predictions recently.